Former British Chancellor Lord Philip Hammond has warned investors against cryptocurrency investments like Bitcoin (<a href="https://www.cryptoknowmics.com/news/metamining-uses-an-innovative-cooling-solution-to-make-bitcoin-mining-farms-viable-in-the-middle-east/">BTC</a>) and Ethereum (<a href="https://www.cryptoknowmics.com/news/ethereum-is-on-a-role-to-experience-triple-halving-as-a-part-of-its-move-to-pos/">ETH</a>) while currently working for a crypto firm.
<h2>Former British Chancellor Cautions Against Crypto Investing</h2>
UK Chancellor Philip Hammond who also served as a foreign secretary and was an early supporter of bitcoin and other digital currencies is against the idea of putting one’s entire savings into cryptocurrencies.

Urging investors to remain “extremely cautious” about the nascent asset class, he went further ahead <a href="https://www.thisismoney.co.uk/money/markets/article-10344393/Dont-invest-savings-Bitcoin-says-ex-Chancellor-Lord-Hammond-works-crypto-firm.html" target="_blank" rel="nofollow noopener">calling</a> it as “gambling money”:
<blockquote><em>“It's almost certainly not suitable for retail investors as a mainstream investment category. I know plenty of people who have a small exposure to crypto assets but it is money they've written off. It's gambling money. I think people should be extremely cautious. Many regard them as closer to gaming than serious investing.” </em></blockquote>
Despite Hammonds' warning on crypto investing, he is currently serving as a senior advisor at crypto firm Copper since October. Valued at $3 billion last month, the firm provides digital asset infrastructure to institutional clients.

Hammond provides strategic advice to the company and promotes England as a digital asset hub. He clarifies he would not have joined a firm that focuses on crypto investing but noted that distributed ledger technology which underpins digital currencies will ‘eventually encompass the whole of what we currently think of as financial services’.

<em>“My job with Copper is to raise the profile of this debate, make sure people are aware that there’s a huge opportunity here,”</em> he added.

Former UK Chancellor Lord Hammond Warns About Crypto Investing

Former British Chancellor Lord Philip Hammond has warned investors against cryptocurrency investments despite currently working for a crypto firm.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Former UK Chancellor Lord Hammond Warns About Crypto Investing

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